Would I lose my travel trailer and ATV if I file a chapter 13 bankruptcy? 9 Answers as of July 02, 2015

I have large credit card and medical debt. I have also fallen behind our house payment. It is now on the verge being foreclosed. We have a trailer and atv with loans on them including auto loans. If we file a chapter 13, would we be able to reaffirm on all of those loans?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That all up to your budget. You get a chance to see what you can actually afford. To keep the house you have to make regular payments and catch up on the past due balance over 60 months. Depending on when you bought the trailer and the ATVs, those loans might be altered. The have to have peen purchased more than 910 days ago. If the loans were refinanced the 910 day rule does not apply.
Answer Applies to: California
Replied: 7/2/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You would be able to keep the assets and repay your arrears.
Answer Applies to: New York
Replied: 7/1/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
That's a tricky question because those items are probably not needed for an effective reorganization (Trustee's words). Better to meet with an experienced BK lawyer face to face to ask those questions. Without looking at all of the financial information, it is impossible to render an intelligent legal answer.
Answer Applies to: Colorado
Replied: 7/1/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
In Chapter 13, debts are not reaffirmed. Reaffirmation is only available in Chapter 7. Whether you could continue to make payments on these luxury items in order to keep them while in a Chapter 13 is an issue involving the negotiation with the Chapter 13 Trustee. In some instances, a family member or friend might have to accept the responsibility to make the ongoing payments for these items for you to be able to keep them.
Answer Applies to: Nevada
Replied: 7/1/2015
Ronald K. Nims LLC | Ronald K. Nims
You don't reaffirm loans in Chapter 13. Either you make the payments and catch up any late payments or you "cramdown" the loans - meaning you reduce the interest rate and or the loan amount. If you have second mortgages, often you can eliminate those completely. Chapter 13 is complex and you'll need an attorney.
Answer Applies to: Ohio
Replied: 7/1/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    In a ch. 13 you would not 'reaffirm' the secured debts, but you would be paying them through the Plan. Under certain circumstances you could pay less than the balance due through the Plan: if you incurred the secured debts earlier than one year in the case of some property, or 2-1/2 years in the case of others.
    Answer Applies to: Wisconsin
    Replied: 7/1/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    Chapter 13 is more debtor-friendly than chapter 7 when it comes to assets, but these are probably luxury items in comparison to your home mortgage. You would need to explain to the trustee why they are so important to your life. The best way to be sure you will keep luxury items is by proposing a 100 percent plan, meaning you will pay all your debts in full. Otherwise, an unsecured creditor could object to you keeping these recreational items while they go unpaid. You might also have to decide whether they are more important than your house.
    Answer Applies to: Oregon
    Replied: 7/1/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    Not necessarily - it will depend upon the policies and practices in your district and the point of view of your trustee. It will also depend upon how much money you are able to pay toward your unsecured creditors, and whether there is equity in your recreational vehicles or whether they are purely a drain on your monthly budget. An experienced chapter 13 bankruptcy lawyer who is accustomed to your district and your local trustee or trustees will be better able to advise you. Make an appointment for a consultation as soon as possible if you hope to save your home.
    Answer Applies to: Colorado
    Replied: 6/30/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Probably not as the travel trailer and ATV are regarded as toys and unnecessary to your reorganization and the court will not allow payments on toys when other creditors may get less then what they are owed especially the mortgage that is behind.
    Answer Applies to: Michigan
    Replied: 6/30/2015
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